The market remains broadly stable, with weak trading sentiment.

1. Today's Summary

① No new reports of plant fluctuations in the region; supply remains relatively ample.
② On the raw material side, Propylene Oxide (PO) market prices saw some negotiation today. Shandong PO ex-factory price was 11,400–11,500 RMB/ton, indicating a downward trend in costs.

2. Spot Market Overview

Table 1: Domestic Propylene Glycol (PG) Supply Chain Price Summary (Unit: RMB/ton)

Based on the Shandong region as a benchmark, today's PG receiving prices in Shandong ranged from 8,500 to 9,450 RMB/ton, showing a slight decrease compared to the previous period.

The Shandong market price range weakened slightly. Buyers were cautious, with manufacturers focusing on shipments and the price center shifting downward. The East China market remained temporarily stable, with limited enthusiasm among downstream buyers to chase higher prices. The South China market held steady overall, with attention focused on regional plant operations amid a quiet trading atmosphere.

3. Production Dynamics

Propylene glycol capacity utilization is around 50%. Weekly output increased compared to last week, while profitability declined, resulting in theoretical losses for today.

4. Market Sentiment

Table 2: Sentiment Forecast from Domestic PG Upstream and Downstream Participants

5. Price Forecast

Looking ahead, cost pressure from the raw material side, specifically Propylene Oxide (PO), continues to weaken, with limited positive market support. PO is expected to trade weakly. In the PG market, the co-product Dimethyl Carbonate (DMC) continues its downward trend, while PG demand remains sluggish. Customer sentiment is dominated by wait-and-see attitudes. As PO prices soften, PG prices are expected to test lower levels. However, given that current theoretical production profits for PG are negative, close attention should be paid to raw material trends during price fluctuations.

6. Related Product Updates

Unsaturated Resin Market: Prices in East China remained stable today. Traders actively shipped goods according to market conditions, while downstream procurement was driven by immediate needs, with small-lot transactions dominating.

Polyether Market: The spot market showed weak activity. Holders negotiated aggressively to push sales, but inquiries were sparse, and market entry was limited. Purchasing was primarily based on rigid demand. Focus remains on downstream sentiment and raw material news.

7. Data Calendar

Table 3: Domestic PG Data Overview (Unit: Tons)